How is the real estate market doing in your neighborhood? Let’s take a look!
When comparing September, 2012 to the same month last year, the number of homes sold in Cinnaminson, Riverton, Palmyra and Moorestown increased (48 units sold total), with a median sales price of $277,500, an average increase of $30,000. Homes were listed for an average 119 days prior to sale.
An important measurement in the housing market is also showing positive signs.
A balanced housing market exists when there are just enough homes on the market to satisfy the needs of buyers for the next six months. Months of supply is calculated by dividing current inventory by current sales and shows how many months would be needed to sell the entire inventory available at the current rate of demand. Happily, in September there were fewer homes languishing with a “for sale” sign in the yard than a year ago, reducing the inventory from 17.4 to 8.6 months of supply. (Data courtesy of Long and Foster's Market Minute.)
What does this mean to you?
The great news is if you own a home in the 08077 zip code your real estate investment is safer than it was a year ago. You are living in an upwardly mobile community with more than 15,000 residents. Over 80% of your neighbors live in family households and Cinnaminson is ranked safer than 60% of all communities nationally in violent crime. You’ve made a prudent choice!
If you are thinking of making a move to meet changing real estate needs, the amenities of the town you will be leaving are important selling points to potential buyers, especially those looking for homes within commuting distance of Philadelphia.
What do you think will happen in the real estate market in 2013? Share your comments below or ask a question. Thanks for reading!